Bill and Brittany's father, Stuart, died in January 2021. Under Stuart's will, Stuart gave Bill his...
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Bill and Brittany's father, Stuart, died in January 2021. Under Stuart's will, Stuart gave Bill his investment property in Bathurst and his holiday house in Lithgow to Bill. Brittany was given Stuart's principal place of residence at Meadowbank. Stuart acquired the Bathurst property in 1980 for $200,000 and acquired the Lithgow property in 1995 for $400,000. At the date of Stuart's death, the Bathurst property was valued at $1,000,000 and the Lithgow property $800,000. Bill wants to sell both properties. Advise Bill on the CGT consequences of following through with the sale of both properties. Bill and Brittany's father, Stuart, died in January 2021. Under Stuart's will, Stuart gave Bill his investment property in Bathurst and his holiday house in Lithgow to Bill. Brittany was given Stuart's principal place of residence at Meadowbank. Stuart acquired the Bathurst property in 1980 for $200,000 and acquired the Lithgow property in 1995 for $400,000. At the date of Stuart's death, the Bathurst property was valued at $1,000,000 and the Lithgow property $800,000. Bill wants to sell both properties. Advise Bill on the CGT consequences of following through with the sale of both properties.
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At first instance any property that is inherited from ancestors by the individual does n... View the full answer
Related Book For
South-Western Federal Taxation 2020 Comprehensive
ISBN: 9780357109144
43rd Edition
Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman
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